首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
admin
2019-10-21
81
问题
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil has jumped to almost $ 26 a barrel, up from less than $ 10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979 -80, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries has reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP(in constant prices)rich economies now use nearly 50% less oil man in 1973. The OECD estimates in its latest Economic Outlook that, its oil prices averaged $22 a barrel for a full year, compared with $ 13 in 1998, this would increase the oil import bill in rich economies by only 0.25 -0. 5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy-intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist’ s commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70% and in 1979 by almost 30%.
The estimates in Economic Outlook show that in rich countries______.
选项
A、heavy industry becomes more energy-intensive
B、income loss mainly results from fluctuating crude oil prices
C、manufacturing industry has been seriously squeezed
D、oil price changes have no significant impact on GDP
答案
D
解析
文章第四段第五句“The OECD estimates in its latest Economic Outlook that,its oil prices averaged $22 a barrel for a full year,…this would increase the oil import bill in rich economies by only 0.25—0.5% of GDP.”说明现在这种情况下,油价的上涨所带来的影响只是在0.25—0.5%之间。这表明在富裕国家石油价格的变化不会对GDP(国内生产总值)产生重大影响。故应选D。
转载请注明原文地址:https://www.kaotiyun.com/show/5rWd777K
本试题收录于:
公共英语五级笔试题库公共英语(PETS)分类
0
公共英语五级笔试
公共英语(PETS)
相关试题推荐
Thereareseveralthingsaboutmotorcyclingthattheaveragecitizendislikes.Acyclist’s(31)hassomethingtodowiththisdi
ArecenttrialhasgotridofAmerican’sinterestintheproblemofviolenceagainstwomen.
ArecenttrialhasgotridofAmerican’sinterestintheproblemofviolenceagainstwomen.
______youngchildrenareexpectedtolearnrepetitivelybothinclassandathome?______youngchildrenarebesttaughtbythei
Accordingtothepassage,whatwereparentsusuallyexpectedtoprovidefortheirchildren?
Peoplewhohavealotofstressaremorelikelytobecomesick.
ThespeakersaremakingarrangementsforMonday,TuesdayandWednesday.
Internationalfreetradeoccurswhentherearenobarrierstotrade.Countriescangetalotofbenefitsfromfreetrade.(31),
Themovementofthesuncreatesperiodsof______.
Themovementofthesuncreatesperiodsof______.
随机试题
教师被列为国家公务员的国家是()
在下列题中求各微分方程的通解或特解(x3+xy2)dx+(x2y+y3)dy=0
满足休息的条件可以包括( )。
在低血容量性休克的早期最易受损伤的器官是
胸廓一侧膨隆见于胸廓一侧平坦或下陷见于
为确保谈判成功,企业可以在商务谈判前提出各种假设的臆测,进行模拟谈判,在各种对谈判的假设中,对()的准确假设可以使已方在谈判中占据主动地位,可谓商务谈判制胜的法宝
根据我国有关法律对评标的规定,如果在评标过程中发现投标文件在实质上响应招标文件要求,但在个别地方存在漏项,这种情况属于( )。
农村居民李某占用耕地100平方米新建住宅,当地适用税额每平方米50元,另外占用80平方米农用耕地建设直接为农业生产服务的生产设施,则李某应该缴纳耕地占用税为()元。
免费午餐基金自2011年4月正式启动,截至2012年底,总收人为4377.4万元,总支出为1459.1万元,结余2918.3万元。2012年度免费午餐基金接受的在线捐款比上年约增长了()。
【B1】【B7】
最新回复
(
0
)